Realty Executives of Flagstaff
Serving Flagstaff, Arizona since 1977
Realty Executives of Flagstaff
Imagine you meet someone new and, during the conversation, you ask what they do for a living. They answer, “I’m a plumber.” Chances are, you immediately conjure an image of them installing pipes or fixing leaks.
But, you also know they probably do much more.
A similar thing happens to us occasionally. Someone will ask what we do, and we tell them we are real estate agents. They then immediately assume we help people buy and sell homes.
And, of course, that’s true! But, we actually do much more for our clients.
For example, we are there for clients when they have questions or need advice, even during the years between moves.
We are also available to clients when they need a recommendation. For example, if you’re looking for a good contractor for an upgrade you’re planning for your home, we can probably give you a name.
And, we also keep my clients informed with valuable market updates, tips, and how-to articles. (That’s why we send you this e-Newsletter each month.)
The bottom line is, We are there for you throughout the homeownership journey, helping ensure you’re always in a property that matches your lifestyle and goals.
Update to Flagstaff Home Sales
Flagstaff Home Sales (for all types of homes, Single Family, Condo, Townhome and Manufactured) have slowed dramatically over the past 6 months and going back to June of 2021. Going back those 13 months we have only had 1 month with an increase in home sales, this year home sales are down -19.8%.
|Though an added note to this, if we compare this year's home sales to 2019, we're only selling -2% fewer homes, and possibly back to a more normalized homes sales trend.
|Until recently, the reason for this was lack of available inventory. For example, early in 2022 we only had 41 homes on the market and at that time we should have seen 400-500 homes. Today that number has climbed to just under 300 homes in the general Flagstaff area, a huge jump.
With inventory increasing one might think that home values would start to decline but the median home price in Flagstaff's active inventory is $725,900. The median price of homes sold this year-to-date is $650,000, up 25.6%.
Homes on the market are 11% higher than the median for the year. Couple the higher home price with the interest rates that are hovering at 5.5% or so, that means that a mortgage payment could be as much as $600-$700 more a month.
Another interesting fact is that increase in home prices have slowed down as we progress into the year. The month of January, home prices rose 29.2%, while June the increase dropped to 17.3% and July month-to-date they are up at 2.5%.
We have attached a chart that breaks down sales through July 19th by home type, along with a final chart at the bottom showing home sales of all types by price range. You will see that homes sales have shifted from under $700,000 to over $700,000.
This is a very fast changing market. If you have questions, please never hesitate to reach out to Renee or Jeff with any questions.
Renee Gaun * Jeff Ross
15 E. Cherry Ave